New Mexico State Investment Council, Santa Fe, committed $175 million total to two alternative investment funds, said Charles Wollmann, spokesman for the $19.7 billion endowments.
It committed $100 million to Ares Corporate Opportunities Fund V, a private equity fund managed by Ares Management. The fund will target leveraged buyouts, growth equity and investments in financially distressed companies.
Private equity consultant LP Capital Advisors assisted.
The council also committed $75 million to Berkshire Multifamily Income Realty Fund, a new open-end fund focused on U.S. multifamily assets managed Berkshire Group. Berkshire is initially raising $500 million for the new core-plus fund, which will invest in recently built multifamily property in prime U.S. submarkets with about 20% of capital raised in more tactical investments.
Real estate consultant Townsend Group assisted.
The council has invested in both managers’ prior funds.
Separately, council executives are reviewing options regarding seed stage venture capital and mezzanine investments, as well as potential statutory changes needed to attract additional venture capital funds for New Mexico’s growing number of startup companies.
